Swiss June gold exports fall to the lowest in more than two years

Reuters | July 18, 2024 | 7:35 am Markets Europe Gold 
Credit: PAMP Suisse

Swiss June gold exports fell to the lowest level since April 2022 owing to reduced shipments to China and India, customs data showed.

Switzerland is the world’s biggest bullion refining and transit hub while China and India are the largest consumer markets, where demand depends on the season and is often sensitive to high gold prices.

With spot gold prices up almost 20% so far this year, Swiss gold exports to China, India and Turkey fell sharply month-on-month in June, while deliveries to Hong Kong rose, the data showed.

Gold prices hit a record high of $2,483.60 per ounce on Wednesday.

Swiss total gold exports (in kgs)*

Export
June 202468,383
May 2024103,522
June 2023117,574
* Source: Swiss customs. Data subject to revision.

Exports to key markets (in kgs)

To ChinaTo Hong KongTo IndiaTo Turkey
June 202412,2505,0256,8865,528
May 202436,2431,59414,0009,523
June 202330,9917,39623,36912,984

(By Polina Devitt; Editing by Peter Graff)

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